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Auditors should understand the five components of internal control that are sufficient to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures. When performing the risk assessment of a potential client, auditors should use sufficient understanding to come to this conclusion. Explain the difference between sufficient understanding and satisfactory and reliable evidence. What steps does an auditor take to determine the overall sufficiency and appropriateness of evidence? 250 Words.
The standard hours allowed for actual output of month totaled 7,070 machine-hours. What was the variable overhead efficiency variance for the month?
Compute a common-size analysis in Excel and discuss the differences between the two corporations.
During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are
What do you do if you are unable to determine internal controls? Which do you think is most important?
What is the difference between a rule-based and principle-based system? Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc.
Assuming that the trend of sales indicated in part (1) is to continue in 2009, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 2009. Place your answer in a columnar table similar to that in ..
What impact does corporate taxation have on the accounting profession? What type of role do you see yourself playing with regard to corporate taxation?
Discuss the nature of preventive controls that may be designed into an AIS. Give an example and explain how it may prevent fraud or abuse of the system.
Please describe how to prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.
A company previously issued $2,000,000, 10% bonds, receiving a $120,000 premium. On the current year's interest date, after the bond interest was paid and after 40% of the total premium had been amortized, the company purchased the entire bond iss..
What are some of the differences between depreciation methods allowed by the IRS and others permitted by GAAP? Why does the IRS have accelerated method of cost recovery for tax payers? Explain
What is the age limitation for a student and a non student? What is the income limitation for a dependent? Who is a qualified child?
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